This is a free sample lesson from 'The Secrets Of The Bitcoin Triangle' course, where you will 'Discover The 21 Fast Track Ways To Make And Save With Bitcoin (Starting From Scratch)'.
You can sign up for the full course at: https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/
A Bitcoin wallet is a piece of software you use to communicate with the Bitcoin network and tell it when you want to send and receive transactions.
The best way to understand a Bitcoin wallet is by comparing it to email.
Once you have setup an email address you need some kind of software to allow you to send and receive emails to that address.
Now this software may be an app on your phone, it may be an app on your laptop or it could even be an app you log into online.
With email, you enter the username and password for your email address into the app and that’s how the Internet knows it’s really you that is sending and receive emails to that address.
Now of course you tell everyone your email address and you have to do that in order for anyone to send you a message. But just because someone knows your email address, that doesn’t allow them to send email from that address.
If they could that would be bad because then they could send emails pretending to be you and cause all kinds of problems.
In order to be allowed to send email from a particular email address, you have to know the password. If someone finds out your email password then there’s nothing stopping them from logging in to your email app and sending messages.
This is very similar to how a Bitcoin wallet works.
Every Bitcoin account has two elements to it.
One is called your public address, which is like your email address, and one is called your private key, which is like your password.
So just like email, you can give anyone your Bitcoin public address and then anyone, anywhere in the world can send you some Bitcoin.
They don’t need to know anything about you. All they need is that public address and they can send money to you.
Your Bitcoin private key on the other hand is the one thing you must protect. It’s called your private key for a reason because you should never reveal this to anyone.
If someone gets your email password, that’s bad because they can start sending emails from your address, but that’s not quite as bad as someone getting your Bitcoin private key because then they can steal all of your Bitcoins by sending them somewhere else.
And just like email, once a Bitcoin transaction has been sent, it’s a one way trip. The only way to get it back would be for the person you sent it to to voluntarily send it back.
Bitcoin literally works like digital cash. Once you’ve handed it over, the Bitcoin belongs to that other person.
And the same goes for when you receive Bitcoin. Once someone sends it to you, it’s yours and no one can take it from you.
The only way they could do that is if they knew your private key. And of course now you know never to give this to anyone.

This is a free sample lesson from 'The Secrets Of The Bitcoin Triangle' course, where you will 'Discover The 21 Fast Track Ways To Make And Save With Bitcoin (Starting From Scratch)'.
You can sign up for the full course at: https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/

Subscribe to my DTube channel and earn cryptocurrency rewards for your best comments at: https://d.tube/#!/c/marketingmonk and https://steemit.com/@marketingmonk
Click on a video and then click 'subscribe'.
-----
At long last we may have an explanation as to why the Bitcoin price keeps failing to recover.
The is a photo of an attorney named Mr. Nobuaki Kobayashi.
He is the bankruptcy trustee listed in this Tokyo District Court document dealing with the MtGox Bitcoin exchange which collapsed back in 2014.
[ https://www.mtgox.com/img/pdf/20180307_report.pdf ]
Ever since then the MtGox users who lost money have been seeking compensation.
Mr. Kobayashi has been working to make that happen by administering the remaining assets of MtGox.
Of page 2 of the court document he states the companies assets stand at 44.17B Yen, which is approximately $416m.
In section 2 of the report, he states that since the last meeting and with permission of the court he has sold almost 36,000 BTC and just over 34,000 BCH.
The most recent meeting was held on the 7th of March 2018 and the previous meeting was 27th September 2017.
So for the first 2 months of this year and 3 months of last year, this guy has been selling hundreds of millions of dollars worth of Bitcoin any time he could get a high price for them.
He says these exact words in the court document after quoting the figures.
Then he says he plans to consult with the court to determine further sales of the Bitcoin he is holding.
And how much Bitcoin is he still holding?...
According to section 3, as of the 5th of March 2018, he’s holding over 166,000 Bitcoin and 168,000 Bitcoin Cash, which he will have got from the Bitcoin Cash hardfork.
So out of a hoard of around 200,000 Bitcoin and 200,000 Bitcoin Cash, he’s only sold about 25% of them.
If he carries on like this, he will likely sell into any decent Bitcoin rally which will result in a series of false starts where the price looks to be recovering and will then drop back down again.
This will continue until he has either exhausted his supply of coins or until his supply gets down to a minimum level that has already been pledged in refunds to MtGox customers.
And that is assuming he doesn’t find more Bitcoin that belongs to the company. Remember that a total of 850,000 Bitcoin went missing from the MtGox exchange, meaning up to 650,000 of them may still turn up.
While you would think that selling 35,000 Bitcoin over a period of 5 months is nothing, I mean, it’s only an average of 226 BTC per day, in a market that has a total volume of 800,000 BTC per day.
However, as reported by Bitcoin.com, the sale of 18,000 Bitcoin by Mr. Kobayashi in one day back on the 5th of February 2018 coincided with market prices crashing.
So there we have it. A big whale, hiding in plain sight and with no particular malicious intent, just an obligation to administer the funds in the best way for the MtGox creditors.

**On Today's Episode Of The Cryptoverse:**
A motion has been filed to block the Internal Revenue Service’s move to access the personal and Bitcoin transactional information of over a mln U.S. based Coinbase customers between 2013 and 2015.
**Please Support The Cryptoverse And Boost Cryptocurrency Adoption By Becoming A Cryptoversity Patron:**
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Today's episode is sponsored by Dash, the privacy focused digital currency that offers transactions with instant confirmations. It’s unique decentralised decision making and self funding system make it an ideal choice as a stable and secure digital cash. [Click here to learn more](http://bit.ly/2f99G7b)
**Sources:**
[The Bitcoin Price Chart](https://bitcoinwisdom.com/markets/bitstamp/btcusd)
[Cryptocurrency Prices Provided by CoinMarketCap.com](http://coinmarketcap.com/)
[The Steemit Article About Stellar](https://steemit.com/news/@rafaelzauner/stellar-has-partnered-up-with-some-of-the-big-ones-of-the-world-for-more-remittance-efficiency)
[The Original Article on The Cointelegraph](https://cointelegraph.com/news/class-action-filed-to-block-the-irs-from-tracking-bitcoin-users-on-coinbase)
[Coinbase Will Take IRS to Court Over Consumer Privacy Attack (The Cryptoverse #149)](https://www.youtube.com/watch?v=sW9pJPiMP_c)
[A Judge Just Cleared the Way for the IRS to Seek Coinbase Customer Data (The Cryptoverse #156)](https://www.youtube.com/watch?v=SP5CVCNOEVo)
Produced by Cryptoversity.com the online school for learning about Bitcoin, crypto-currencies and blockchains.
https://www.cryptoversity.com/

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On today's show:
Venezuela Releases Petro Whitepaper Ahead of their $5 Billion ICO
http://www.elpetro.gob.ve/index-en.html
This has been coming for a little while now, it’s just a case of getting more details on exactly how it’s going to roll out.
The ‘Petro’ is a cryptocurrency that the Venezuelan government plan to launch and back with the country's huge oil reserves.
Almost sounds like an alternative to the ‘Petro Dollar’ does it?
Dangerous territory if you ask me. The US tends to get upset when anyone challenges the dominance of the dollar.
The Petro is going to use Ethereum, but only to conduct the ICO. After that the Ethereum based ERC20 tokens will be swapped to native tokens on the PETRO platform.
The president of Venezuela Nicolas Maduro has now officially signed off the whitepaper for release.
And if you don’t believe me head on over to elpetro.gob.ve
Because here you can download and read the whitepaper for yourself.
This is a significant milestone in crypto history. The first example of a nation state doing an ICO, did you ever think we would see it?
Unfortunately they are not using a public blockchain but it’s progress nonetheless.
I mean, an actual government opting to participate in a new economy built by the people of the world? I think that sets a big precedent. It’s the first domino.
Feel free to read the official materials yourself but I’ve picked out a few highlights for you.
There’s always this question of how a cryptocurrency acquires value.
[red]
Here is the answer.
It gets better…
[orange]
I’ll say it again, that is NOT going to go down well the US government in my opinion.
It’s a shame they didn’t opt to build the whole thing on Ethereum because then it would be unstoppable.
The downside is such a path means the Venezuelan government giving up a bit too much control, plus Ethereum doesn’t currently have the capacity they’d need.
Now I said a minute ago that the PETRO acquires it’s value because the government will accept it as payment for taxes, but that’s more the answer as to where demand will come from.
It’s value is derived from the value of a barrel of oil.
The initial price of a PETRO is set to be around $60. Then if the price of oil rises, the PETRO should follow.
It’s basically tokenised Venezuelan oil, except it’s so much easier for the average person to acquire. It levels the playing field in exactly the way we have been waiting for.
I say the average person can acquire it, however there’s a caveat
[yellow]
So who knows which exchanges will be selected and what kind of limitations there will be on who can trade it.
In conclusion then:
Suffice to say, I have my reading material for today. I shall duly digest the whitepaper and see what else I can find.
One fact to bear in mind, is that Venezuela has the highest amount of proven oil reserves in the world.
More than Iran, more than Canada and than Saudi Arabia.
The other fact to note is that the hard cap for the PETRO ICO is $5b.
That’s 4.5% of Ethereum’s market cap at today’s price.
That could cause a major pump in the price of Ether so bear that in mind as we move towards the launch of the pre-sale on the 20th of February.

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On today's show:
Crypto prices dip again because Tether has finally gotten itself into trouble with US regulators and traders got spooked.
**Story - Bitcoin Price Pattern** 0:42
Charts provided by Coinigy: https://www.coinigy.com/?r=16171fe8
So let’s revisit this descending triangle we’ve been talking about.
The bottom line is that it’s still in play and I can only see room for a maximum of 7 more candles that could possible fit inside the pattern.
So one way or another I’ll have to redraw this within a week.
Now this pullback to 10,000 could have been because of pure technical levels as this consolidation continues, however we know there has been some news that most likely spooked the market, so let’s go onto that.
**Story - Tether In Hot Water** 1:35
https://coinmarketcap.com/currencies/tether/
The first thing that may have spooked the market is Tether, a cryptocurrency designed to have a stable value.
The purpose of Tether is to allow you to move your wealth into a price stable asset without having to go through the pain and the fees of converting back into fiat currency.
It’s a very attractive offer which is why you see here in red, $3.6b worth of Tether has been traded in the last 24 hours.
That’s a lot when you consider there’s only $2.3b worth of Tether in existence.
This is supposed to work like Casino chips. Not in the sense that you’re supposed to gamble with them, but in the sense that you put your money on deposit and are given chips that can be later redeemed.
https://tether.to/
Tether is actually a company based Hong Kong with offices in the USA.
You transfer say $100 to Tether’s bank account and they issue you with 100 Tether tokens which you can then use to buy cryptocurrencies as if they were real dollars.
People accept Tether in cryptocurrency trades because they know they can surrender the tokens to the Tether company and get US dollars transferred to their bank account.
Tether charge 0.1% fee for transacting too and from a bank account, which is how they make money.
This all sounds great but it relies on Tether having a minimum of 1 US dollar in its bank account for every Tether token in circulation.
Their inability to prove that, has been an ongoing controversy for more than a year.
https://news.bitcoin.com/tether-severs-ties-with-its-auditor-leaving-its-accounts-shrouded-in-mystery/
Then news comes out that Friedman LLP, the accountancy firm that was supposed to be auditing Tether, decides to dissolve it’s working relationship with them, making the publication of any kind of audit even less likely.
Yet over 2b Tether tokens continue to circulate in the crypto economy. Why they haven’t all been redeemed for US dollars by now is beyond me.
https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc
What likely really spooked the markets is when Bloomberg published a story late yesterday about US regulators sending subpoenas to Tether in an attempt to forcibly verify that they are solvent.
While these subpoenas were issued on the 6th of December this is only making the headlines now.
While none of this alters the fundamentals of the cryptocurrency markets, the amateaur investors is easily spooked by any such news.
And one of the major appeals about cryptocurrency is that it allows anyone to take control of building their own wealth. So there are two sides to every coin.
So bottom line, I’m not doing anything in response to this news.
I don’t use Tether and have never touched it.
https://makerdao.com/
What I am in the process of doing is arranging an interview with
Rune Christensen, the creator of MakerDAO which has this price stable cryptocurrency called ‘Dai’ D.A.I. which maintains its value by being backed by Ether, rather than currency deposits at a centralised company.
Don’t ask me how it works, that’s why I’m having Rune on the show because this could offer the same benefits of Tether but in a decentralised way.
If you are looking forward to hearing Rune talk to us about the Dai then hit the like button and let me know.

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Upgrading Ledger Nano S to Firmware 1.4.1 - Walkthrough
-----
Sources:
Here is the announcement about the new firmware:
https://www.ledger.fr/2018/03/06/new-firmware-update-1-4-1-available-for-the-nano-s/
Here is the set of instructions that I follow in the video:
https://support.ledgerwallet.com/hc/en-us/articles/360001340473

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Proof American Express Don't Want You Learning About Cryptocurrencies
Find out more about Stripe at:
https://stripe.com

This is part 5 of a mini series I shot with Kyle from The Awakenment YouTube channel https://www.youtube.com/channel/UCphVYR2CHULYHf59ZSQMEag
Free Transactions And The Benefits Of Delegated Proof Of Stake
In this mini series we talk about the EOS cryptocurrency, blockchain and smart contract platform created by Dan Larimer and Block.one to be 'the Ethereum killer'.
Subscribe to make sure you get to see all the episodes of this mini series. Here is the playlist: https://www.youtube.com/playlist?list=PLVTvCIqoYLSI9e1OWO-J50jQMh5NO7-DT
If you don't know what that coin is doing in the top left corner of the video visit this link to find out: https://steemit.com/eos/@marketingmonk/a-sneak-peek-of-the-awakenment-of-the-cryptoverse-an-old-english-shilling-of-eos
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**On Today's Episode Of The Cryptoverse:**
Sometimes it's nice to re-connect with an unfinished story and get an update. In August of 2016 Bitfinex was hacked for almost 120,000 Bitcoins. I covered the story at the time and their recovery plan. Now, 8 months later, there is some closure.
The news segment begins at 3:26
Hardware wallets are the only way to truly store your cryptocurrency securely. Ledger provide a range of devices to suit all budgets and preferences.
[Checkout my review of the Ledger Nano S by clicking here](https://www.youtube.com/watch?v=o0kdbO85ZwM)
**Please Support The Cryptoverse And Boost Cryptocurrency Adoption By Becoming A Cryptoversity Patron:**
Make a regular contribution and you'll help to secure Cryptoversity's future, get unlimited access to all Cryptoversity courses as well as a private Telegram chat group where you get direct access to me:
https://www.cryptoversity.com/podcast/
**Or Pay As You Go With Bitcoin Tips:**
1Lak8zkQbUB5FgDD6ci6M82oTVBveuBxBT
**Sources:**
[Cryptocurrency Prices Provided by CoinMarketCap.com](http://coinmarketcap.com/)
[LiteCoin SegWit Tracker](http://litecoinblockhalf.com/segwit.php)
[The Original Article On Bitcoin.com](https://news.bitcoin.com/bitfinex-bfx-tokens-redeemed/)
[Get Early Access To My Secrets Of The Bitcoin Triangle Course: Discover 21 Fast Track Ways To Make and Save With Bitcoin](https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/)
Produced by Cryptoversity.com the online school for learning about Bitcoin, crypto-currencies and blockchains.
https://www.cryptoversity.com

Today I talk about an $11,000 BTC and some price analysis:
1. The over extension from moving averages
2. The RSI being overbought
3. The fib levels to spot possible pullback points
If you did want to take some profit, I often use Uphold.com. I talk about:
1. How to add cards
2. How to send and receive from cards including back to bank account
3. Uphold reserves and transparency (not exactly rock solid but you don’t have to store fiat funds on there). This is slower but safer, your choice.
Sources:
Charts provided by Coinigy:
https://www.coinigy.com/?r=16171fe8
Fiat currency conversions by Uphold.com:
https://uphold.com

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Today’s episode is brought you to by… KuCoin
https://www.kucoin.com/#/?r=1geMP
If you’ve been having trouble because other exchanges are not accepting new signs up, have a look at KuCoin.
I find their interface very easy to use, they have a full suite of charging tools built in, exclusive coin listings and competitive trading fees.
**Story - What to do when markets crash**
https://www.coinigy.com/?r=16171fe8
I really don’t like days like today.
Not because I lose money or because prices drop, but because talking about it gets in the way of the more meaningful stuff I want to talk about.
In general I’m a future oriented person. My mind is naturally calibrated to look way down the road at where things are heading.
This is no doubt why I became so attracted to computers when I was a kid, web design and online marketing at the start of my career and then Bitcoin and cryptocurrencies.
Dips in the market are short term events, they are disposable, tomorrow it will be old news, so investing my precious time talking about it just never feels like a good return on investment for me.
Price matters but I’d rather talk about the future of the industry and where the solid projects are heading and how that will ensure long term price increases.
But I’m a special breed, or a freak, whichever way you want to put it.
Plus I’ve largely mastered my emotions when it comes to trading and investing so if it were just me it’s easy to ignore days like this and carry on with my work.
But it’s not just about my, I’m also here to serve, which is why I am going to talk about the short term price movements, even though I don’t want to.
Today I’m going to offer you a strategy which will enable you to take advantage of the opportunities that are afforded on days like today.
You can’t guess the bottom but you can follow a repeatable strategy, and that strategy is called ‘Scaling in’.
This basically means buying in when the price dips and then buying again each time is falls to a new level. This is cost averaging by in the opposite direction to how most people do it.
Dollar cost averaging is where people say “Just buy $10 of Bitcoin every week no matter what.”
That works because some days you buy Bitcoin high, sometimes low, but that consistency means you buy at a better average price over the long term.
Scaling in uses the same principle, but here we are talking in shorter time frames and in the opposite direction, when the price is falling.
Let’s use Dash as an example.
Today Dash opened at $928.
Say our first buy was at $900, say we expect it to bounce off that because its a round number.
Then it falls to $850, we buy the same amount again.
Then it falls to $800, we buy the same amount again.
The same at $750.
Dash hit a low here of $723 then started to turn around.
Those 4 buys work out to an average buy price of $825, so when Dash returns to it’s normal level above $1,000, we got in a very decent price but without having to guess the absolute bottom.
This strategy has the highest probability of success with a large cap coin.
A large cap coin means a large group of people had faith in it before and will likely again.
Even if it’s not a large group of people, at least a large pool of capital got behind it.
Barring any fundamental flaw with the project, those people will likely return once they have confidence.
We know this price drop wasn’t a problem with the Dash project, because the same thing happened on...
The Bitcoin Cash chart
The Bitcoin Chart
The Ethereum Chart
And so on.
In order to follow this strategy you have to a strong belief that:
The cryptocurrency market as a whole is going to recover from the price drops
The specific cryptocurrency you buy is going to recover
And most importantly, this strong belief should not come from blind faith or from anything some random YouTuber says to you, but from your own understanding.
If you don’t understand WHY the price will recover, this strategy is probably not for you.

Dash has been all over the news lately, and understandably so considering what has happened to the price since the 7th of November.
https://btcmanager.com/dash-nears-600-jumps-to-another-record-setting-high/
https://cointelegraph.com/news/dash-hits-usd-record-570-on-2mb-block-upgrade-zimbabwe-deal
https://themerkle.com/dash-price-reaches-new-all-time-high-of-574/
http://tradebeat.com/dash-surges-due-to-zimbabwean-internal-crisis/
Dash chart from
https://www.coinigy.com/?r=16171fe8
So here are 7 major reasons why I think this is happening.
1 - It Knows What It Is
The name Dash is derived from the words ‘digital cash’. It is being developed as a payment network to replace the likes of PayPal.
The Dash community know exactly what they are building, why they are building it and who they are building it for.
This makes development much faster since decisions are made based on whether it makes Dash a better or worse payment network.
Which brings us on to reason number 2.
2 - The Dash Network Runs Like A Business
The Dash community are not primarily obsessed with ideology, neither is it overly politicised.
Dash are building a product for the relentless demands of the consumer, which is where the majority of their energy is spent.
Which brings us on to reason number 3.
3 - Dash Stays Focused On The Actual Users Of The Product
Being absolutely clear that Dash is a payment network allows the community to then focus on making the best product for the users.
This again helps decisions be made much faster due to the level of clarity on the outcome that they want to achieve.
For example, Dash is working on a joint venture with KuvaCash
https://www.kuvacash.com/ a project aimed at resolving the out of control currency inflation in Zimbabwe.
Another example is the series of Dash conferences being held in Venezuela, another country experiencing a currency collapse.
The first Dash conference was attended by 600 people who were hungry to learn about a real solution to the currency problem their government has failed to solve.
Which brings us onto reason number 4.
4 - Dash Improvement Proposal 0001
https://github.com/dashpay/dips
By the time you view this video, an upgrade to the Dash network will likely have activated.
This upgrades increases the Dash block size to 2 MB while at the same time reducing transaction fees by a factor of 10.
With transaction fees less than a penny, Dash takes aim at third world countries like Zimbabwe and Venezuela who can’t afford $1 transaction fees that are charged by the Bitcoin network.
5 - An On Chain Governance System
https://www.dashcentral.org/budget
https://dashvotetracker.com/
Dash pioneered the idea of having an on chain voting system that would allow stakeholders to vote on the direct the network should evolve.
This allows Dash development to move many times faster than it’s rivals since decisions can reach a conclusion quickly and progress can continue.
This is how the increase to 2MB blocks was decided and how future changes to the Dash protocol will be made.
6 - A $3.5m Monthly Budget
https://dashvotetracker.com/
10% of all newly created Dash is set aside for the Dash treasury.
People submit proposals for work they would like to do which will add value to the Dash network.
Using the on chain voting system, these proposals are accepted or rejected and the worker is paid in Dash, giving them a huge incentive to do their best work.
Even with companies like Blockstream funding the Bitcoin Core developers, I doubt they would be happy to invest $3.5m per month of their own money developing a system they do not own or control.
This allows Dash to pay it’s developers and anyone willing to do valuable work, rather than relying on volunteers and donations.
7 - Ryan Taylor
https://www.dash.org/2017/10/09/interviewryan.html
Ryan Taylor is the leader of the Dash core team.
Before working on Dash full time he covered research for the payments industry in a multi-billion dollar New York hedge fund.
Ryan’s whole job was to understand how the payments industry works, what the leverage points are and why new startups in the payments industry succeed or fail.
This experience ties directly into the focus on Dash being a payment network to replace the likes of PayPal, and you have a leader whose experience is in perfectly alignment with the direction Dash wants to go.

**On Today's Episode Of The Cryptoverse:**
Unfortunately, with no good options, Coinbase will require all Hawaii-resident customers to close their accounts within the next thirty days and will implement controls to prevent Hawaii residents from establishing Coinbase accounts for the indefinite future.
The news begins at 4:39
Today's episode is sponsored by TunnelBear. the simple VPN app that makes it easy to browse the web privately and enjoy a more open and secure Internet experience.
[To try TunnelBear for free by clicking here](http://click.tunnelbear.com/SH8n)
**Please Support The Cryptoverse And Boost Cryptocurrency Adoption By Becoming A Cryptoversity Patron:**
Make a regular contribution and you'll help to secure Cryptoversity's future, get unlimited access to all Cryptoversity courses as well as a private Telegram chat group where you get direct access to me:
https://www.cryptoversity.com/podcast/
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1Lak8zkQbUB5FgDD6ci6M82oTVBveuBxBT
**Sources:**
[Win Bitcoin By Filling Out The Cryptoverse Feedback Survey](https://www.cryptoversity.com/podcast/survey/)
[Cryptocurrency Prices Provided by CoinMarketCap.com](http://coinmarketcap.com/)
[The Bitcoin Price Chart Provided by BitcoinWisdom.com](https://bitcoinwisdom.com/markets/bitstamp/btcusd)
[The Original Post on The Coinbase Blog](https://blog.coinbase.com/how-bad-policy-harms-coinbase-customers-in-hawaii-ac9970d49b34#.w642rdsjc)
[Get Early Access To My Secrets Of The Bitcoin Triangle Course: Discover 21 Fast Track Ways To Make and Save With Bitcoin](https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/)
[LiteCoin SegWit Tracker](https://coin.dance/blocks)
[Coin Dance Bitcoin SegWit Tracker](https://coin.dance/blocks)
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